Bond Set for Charlie Shrem at $1 Million

Bond has been set for Charlie Shrem, who was arrested this morning by federal authorities on charges of using bitcoins to launder money.

Bloomberg has the latest:

By charging Shrem, a prominent evangelist for the currency who prosecutors called a “Bitcoin millionaire” at his bail hearing, the government has reached into the circle of people responsible for the promotion and standardization of the currency.

“Bitcoin is in the process of getting institutionalized,” said Gil Luria, an analyst at Wedbush Securities Inc. in Los Angeles[...]

Shrem, of New York, was freed on $1 million bond, subject to his remaining under house arrest, after prosecutors said he was a flight risk because of his frequent international travels, his claim to have a net worth of $6 million and to own a plane[...]Prosecutors said [Shrem] could face more than a decade in prison if convicted.